Houlihan Lokey CHI or Lazard MPLS

Hello, I am new to WSO but would really appreciate some advice. I have a summer internship offer from Houlihan in Chicago for corporate finance M&A as well as an offer from Lazard MM in Minneapolis for M&A. Houlihan has a focus on Healthcare, Industrials and Consumer, while Lazard focuses on Industrials, Food/Agr, and Consumer/Retail. I think I would prefer Chicago for a location, but really liked the people from both offices. I wanted more opinions on the reputation of both banks, how typical hours compare and most importantly the kind of exit opportunities that both present when looking into Hedge Funds, VC or PE? Appreciate the help!

Comments (9)

Dec 30, 2014

Tough call as they are pretty comparable. Most of the good HL Industrials deals are lead out of the MPLS office, but the HL Consumer group has some solid deal flow. Lazard MM also has strong deal flow.

Both require long hours and work their younger staff hard. PE recruiting is certainly possible from either location, as is Corp Dev.

I like HL's culture more, but at the end of the day, it is a bit of a coin flip. Lazard MM is getting pushed to move upstream by Lazard and there has been some "issues" at the top. Although Chicago would be my choice for a young (hopefully single) twenty something, Minneapolis is very underrated in the summer and offers far more outdoor activities (fishing, hiking, boating), if that is your thing. You will find it much easier to get around Chicago without a car though.

Dec 30, 2014

I'd go HL. Experience probably better, definitely better location. Good deal flow.

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Dec 30, 2014

I'd go HL. Experience probably better, definitely better location. Good deal flow.

Dec 30, 2014
Dec 30, 2014

I appreciate all of the comments. I agree that Chicago is an excellent location and it is my top destination for the summer. I am leaning towards Houlihan, but appreciate the advice. Any other opinions would be greatly appreciated!

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Dec 30, 2014

Go HL - I know the Lazard MM Minneapolis office well and they have lost a ton of talent over the past few years. Everyone stuck around for a few years after Goldsmith was bought by Lazard in 2007, then slowly started exiting. Minneapolis office is down to 7 senior bankers I believe, where it used to be 15+ MDs a few years ago

Dec 31, 2014

I generally agree with this, but Lazard also do not need as many MDs with deal sizes pushing upwards (advised on multiple $500mm+ transactions in the past couple of years). It is rare you see Houlihan's M&A group win exclusive mandates over $500mm. I have heard some rumors of McFadden moving back to Lazard and others indicating he will start his own boutique to focus on deal sizes Goldsmith built its platform on.

I find it hard to believe that Lazard wouldn't attempt to revitalize MM in MPLS and start poaching talent from other firms.

Dec 30, 2014

Go HL - I know the Lazard MM Minneapolis office well and they have lost a ton of talent over the past few years. Everyone stuck around for a few years after Goldsmith was bought by Lazard in 2007, then slowly started exiting. Minneapolis office is down to 7 senior bankers I believe, where it used to be 15+ MDs a few years ago

Dec 31, 2014
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